LGBT Leadership Update: Rising Corporate Activism and Executive Pride

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LGBT flag featuredBy Aimee Hansen

With June, we turn to Pride Month on the diversity calendar, so let’s focus our spotlight to recent progress on advancing LGBT inclusive business cultures and LGBT executive leadership.

Corporate Activism Defends LGBT Rights

Recently, state law setbacks to the LGBT community (and human rights) have one positive side effect: they’ve led to a collective backlash from companies and employers who have united to defend LGBT rights.

Repeatedly, companies have been asserting to state lawmakers that upholding LGBT rights is a necessary condition for attracting and maintaining the best talent for businesses.

Since North Carolina passed an anti-discrimination law that failed to protect against discrimination based on sexual orientation or gender identity, over 200 business leaders – including CEOs and executives of major companies such as Apple, Bank of America, Citibank, Ernst & Young, Goldman Sachs, Facebook, IBM, Microsoft, and more – have signed an open letter to the state governor calling for a repeal to the “HB 2” law, stating that “such laws are bad for our employees and bad for business”.

Canceled plans by Paypal, Deutsche Bank and performance artists are estimated to have cost the state “tens of millions in dollars of losses”. Meanwhile, companies also joined in activism with an open letter to state leaders in Mississippi to repeal “HB 1523”, which gives individuals or organizations license to discriminate against LGBT people based on religious justification.

In the Harvard Business Review, author Andrew Winston points out that business has been ahead of the public curve when it comes to LGBT rights. Winston notes that over half of Fortune 500 companies were offering domestic partner benefits ten years ago when only 35% of Americans supported gay marriage (and 55% opposed it), and that today corporate adoption of anti-discrimination policies based on gender identity (66% of companies) outpaces public acceptance of transgender rights.

In the case of LGBT rights, Winston argues the moral imperative of non-discrimination in the workplace and the economic motivation to thrive with diverse customers are so understandably linked that business is “pro-actively influencing societal norms.”

LGBT Diversity Associated with Stock Performance

Influencing policy is part of the equation, but building an LGBT-inclusive culture is another thing. When LGBT employees do not feel free to be themselves, when they feel they have to “hide in plain sight”, it’s proven costly not only to employees but to business.

When diversity is celebrated and genuinely fostered, not only individual productivity but company productivity seems to benefit. According to a recent report by Credit Suisse, the stock of companies that exhibit LGBT diversity outperform the stock of companies that do not.

LGBT diversity was factored by companies that have openly LGBT leaders and senior management, are voted as leading LGBT employers, or have many employees in local LGBT business networks.

The LGBT basket of 270 companies outperformed the MSCI ACWI by 3% annually since 2010, as well as outperforming a custom basket of companies in US, Europe and Australia by 1.4% annually.

The correlation of LGBT diversity with performance is important, since according to the report, 72% of senior LGBT executives say they have not come out at work, which is not surprising when it’s still legal to fire someone based on sexual orientation in over twenty states and based on gender identity in over thirty states.

Celebrating LGBT Executive Role Models

Celebrating diversity at the very top, for the first time in the three years since its introduction, a woman topped the 2015 list of the 100 Most Powerful LGBT Executives in the World, named by OUTstanding and the Financial Times.

Inga Beale is the first female CEO of Lloyd’s of London and openly bi-sexual. As she told The Guardian, “It’s not about me. It’s about what you do for other people. For me, it’s so important because you need these role models.”

According to OUTstanding as reported in Entreprenuer, recognition is critical since closeted LGBT employees are 70% more likely to leave a company within the first three years.

The list of LGBT power executives, for which activism outside of the workplace is also taken into account, included several from the finance world, including Accenture’s Sander van‘t Noordende (10), Citi’s Bob Annibale (28), Goldman Sach’s Gavin Wills (36), and PwC’s Andy Woodfield (78) and Mark Gossington (82).

Speaking to the inclusive culture fostered at Accenture, Sander van’t Noordende has said, “Only when people are comfortable in their workplace will they be able to get the best out of themselves,” advising individuals to not only value their difference, but also find a company that values their difference too.

Promoting LGBT C-Suite Leadership

Stanford is also stepping up to encourage aspiring LGBT executives to value their difference. Stanford Graduate School of Business introduced the Stanford LGBT Executive Leadership Program, which will first take place in late July 2016 and is accepting applications until June 24th.

With a focus on fostering authentic and impactful senior LGBT leadership and network building, Stanford states, “This is the only Executive Education program of its kind offered by a leading business school to address the significant gap in leadership for lesbians, gay men, bisexuals, and transgender people in the C-suite.”

According to program co-director Tom Wurster, the one-week training is ideally aimed at “the LGBT executive with a minimum of 10 years professional experience and 5 years of management experience who is preparing to take on more significant leadership roles.”

More visible leadership within more significant leadership roles – out and proud and C-Suite is the call.

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Mover and Shaker: Ann Gaboriault, Senior Manager, Accenture Technology

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Ann Gaboriault“I joined Accenture in 2000 after getting a master’s in management information systems. 15 years later, I’m still here.”

Ann Gaboriault started as a consultant on Oracle products and quickly specialized in financial systems within the Natural Resources industry, working on different projects across Canada and the U.S., and eventually for two years in Switzerland. When she returned home to Montréal, she took on a new position in Accenture’s Application Outsourcing Practice. “Seven years later, I’m now leading the practice in Montréal, with teams here in Canada, USA, Europe and Asia, currently working on the next generation of Application Outsourcing with few of our global clients. This is an exciting time for us – we’re delivering Application Outsourcing As-a-Service on the Cloud for our clients, helping them become agile, digital businesses.”

When Gaboriault started at Accenture, she believed people pursued short careers in consulting, primarily due to the nature of the work – client services that most times demanded constant travel and the perceived difficulty in finding a work-life balance. “That has proven itself untrue. Over a decade-and-a-half, I’ve realized that needs change over time. Work-life balance is not the same from year to year, but you can always make it work when you have support of leadership that sees your potential.”

Mentoring has been beneficial for Gaboriault who says she’s had different mentors at every stage of her career. “I have a tendency of finding people who are very different than myself, so I get a different perspective on my work and my career path. Mentors have pushed me to do the best I can and to take control of my career. One of my mentors once told me, “Your career can happen to you if you do not take ownership”. Gaboriault has found sponsorship to be very useful specifically when going for a promotion, noting that, “people will sponsor you if they know you and know your work,” and that networking is key to finding the right sponsors.

Finding a balance

Gaboriault believes that “we can have it all, but not all at the same time.” She quickly climbed the ladder to senior manager and then decided a few years ago to pursue, temporarily, a “horizontal career” so she could work locally and concentrate on starting a family. “I thought, my partner can work the crazy hours for a while – she had just started her career as a critical care physician. My goal is to enjoy what I do, grow in what I do, but be home with our toddlers every night.”

As Gaboriault mentions, there are many programs at Accenture that have helped advance her career and spend more time with her family. She notes, “We have a variety of different mentoring programs, learning and professional development courses, training for “High performing women,” flexible work programs. For working parents like myself, we have one year parental leave policy in Canada, which is offered to any parent, and Accenture also offers the opportunity to work locally for one year following return from the birth or adoption of a child.” Gaboriault is on a flexible schedule, currently working around 30 hours a week, which she describes as “a win for myself, my family and my work with clients.”

Taking the lead with the Canada LGBT Employee Resource Group (ERG)

Gaboriault has been involved with the Canada LGBT ERG since its founding in 2007 and strongly believes the ERG is a necessary step toward helping all employees feel comfortable and accepted at work. “Being me 100% of the time, at Accenture but also with my clients, enables me to speak openly about my family and other personal matters. Being out at work has also helped my colleagues and clients feel more comfortable sharing their personal stories, worries, fears, helping our day-to-day business communications feel more human.”

Gaboriault transitioned into leading the ERG when she realized they could have a global impact– helping and encouraging employees from around the world to join the company’s Global LGBT Network, which spans more than 40 countries, and supporting other ERGs in locations where there are unique laws affecting the LGBT community.

“Our goals globally focus on four pillars – training, policies, benefits, and professional development. We train to build awareness and understanding of the LGBT community, create policies to ensure equal treatment of employees regardless of sexual orientation or gender identity and expression, strive to provide benefits that are equal for same-sex and opposite-sex partners, and professionally develop our people to facilitate career growth and encourage networking and mentoring.”

Gaboriault describes the way Accenture is achieving these goals: “Through best-practice programs like our LGBT Ally Program, which allows anyone within Accenture to identify as an advocate for the LGBT community; a dedicated focus on raising awareness and education; and with a strong commitment from leadership to building an inclusive environment.” According to Gaboriault, having support from leadership is crucial. “I think it’s very encouraging when our senior leaders who are LGBT are also out themselves. They’re role models that help us envision ourselves reaching new heights in our careers.”

A strong commitment to inclusion & diversity

Having a diverse workforce of people with different capabilities, cultures, perspectives, abilities and experiences is inherent to the unique way Accenture operates. “Our workforce is a reflection of the clients we serve and our local communities. A commitment to inclusion & diversity is simply how we do things,” says Gaboriault. For Accenture, this commitment is an integral part of living by the company’s core values. “In essence, it’s what makes us “greater than” in all that we do.”

Time with the family

Outside of work, Gaboriault is an avid skier. “I ski thirty plus days per year, great exercise and your mind is off work when going down the slopes at 40km/hour, though I now spend hours on the magic carpet with the kids.”

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Voice of Experience: Julie Silverman, Managing Director, Goldman Sachs

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Julie SilvermanFor Goldman’s Julie Silverman, coming out to her colleagues was an important statement, particularly due to the small number of openly lesbian, gay, bisexual and transgender (LGBT) people working in the financial services industry at the time. She acknowledges that while support of LGBT people in the workplace has increased dramatically, the need to raise awareness is not over.

“When each person comes out, there’s a meaningful trickle-down effect to everyone around them,” she says. “I come out every day in regular conversation. I talk about my wife and have pictures of my kids all over my office. For me, my identity is very public, and it’s important to me to be able to bring my whole self to work. Being out has allowed me to focus my energy on doing the best job I can and I hope I serve as a role model for those who might consider coming out in the workplace.”

From Restaurants to Banking

Silverman’s path to the financial services industry could be called unconventional. After graduating from Brown University, she began work as a manager at Pastis, a restaurant in New York City’s Meatpacking District.

There, she honed skills that would prove to be highly relevant to her future banking career. “At 23, I was managing a large group of diverse people, an experience that put me on the front line solving problems, from employee dynamics to customer service,” she says. Noting that restaurant staff can be transient, she took an organizational perspective on how to reduce attrition and improve the continuity of service.

She also developed problem solving skills and the ability to stay calm under pressure while working in the fast-paced restaurant environment. “The hallmark of my management style was instituting a degree of fairness throughout the restaurant, and I continue to implement that in my role today,” she says. “Employees may disagree with you, but if they sense you’re fair, they are more likely to respect your decisions.”

After her time at Pastis, Silverman earned her MBA at Stanford with the hope of enhancing her understanding of business. She joined Goldman Sachs as a summer associate in the Investment Banking Division and returned as a full-time associate in 2006. She then served as the business unit manager for Equity Capital Markets and Leveraged Finance, and later became chief of staff for the Mergers & Acquisitions Group and the Financial Sponsors Group. Now a managing director, she is currently head of the division’s junior banker program.

“I’m proud of the work we’re doing to enhance the junior banker experience,” she said. “This population is critical to the success of our business, and we recognize that we need to make changes that will provide these employees with development opportunities and make them excited to come to and stay at the firm.” Changes Goldman Sachs announced late last year to the program include a faster promotion timeline, a rotational assignment to a new group and the help of new technology to improve execution efficiency.

Silverman wishes she realized earlier in her career that investment banking can be very entrepreneurial. She noted that she hesitated to pursue a career in financial services following the completion of her undergraduate degree because she didn’t realize so many options were available. “There are opportunities in banking to develop a variety of different skill sets. You’re building your own business on behalf of the firm, which allows you to be creative, thoughtful and chart your own course in many ways,” she says.

She urges analysts and associates to choose a role that’s intellectually stimulating, but that also allows them to achieve goals outside of work, whether spending time with family and friends or volunteering.

Growing Acceptance of LGBT Issues

In the 10 years Silverman has worked at Goldman Sachs, she says the firm’s continual evolution supporting LGBT issues has experienced a “large shift in a relatively short time.” She notes that while there were previously only two or three people who were out in the Investment Banking Division, these numbers have risen.

She is particularly pleased with the growth of the firm’s Ally program, where senior people across the organization publicly indicate their support for their LGBT colleagues by placing “Ally” signs on their doors, as a way to show employees that this is a place where they can be out and be comfortable.

Although Silverman came out many years ago, she notes that having children requires LGBT people to come out on a continual basis. “When you tell people that you have children, there is still an assumption that you are straight. If you correct that assumption, then the questions start about how you had your children,” she says. “It can put you in the awkward position of deciding how much detail is appropriate to share with a client or new colleague. These are issues we continue to face every day.” Still, she says, it’s important to be able to bring your whole self to work and find an organization like Goldman that is supportive of that.

Giving Back Within and Outside the Firm

Silverman believes that giving back is critically important, and she has been pleased that the firm has given her the ability to balance volunteer work and her career. Giving back helps to keep her grounded. “It offers a great perspective when you can leave your work and do something to help others,” she says.

Internally, she has served on Goldman’s LGBT steering committee and has organized Pride Month activities. She also works with junior women in informal mentoring relationships. “It’s important for senior women to realize that we’ve all benefited from mentorship and now it’s our turn to give it back to those who are coming up at the firm,” she says. “We have to help each other and avoid competition.”

Outside of work she is equally busy with philanthropic efforts, serving as a member of the Junior Advisory Board of the Innocence Project and as vice chairman of the board for the Hope Project, a non-profit work readiness organization in Brooklyn that trains people in poverty to help find sustainable employment. She admires the work of the Hope Project, as the organization not only provides skills training but also teaches mindfulness and the ability to cope with workplace challenges. “It’s intensive, but the results are some of the best in the country,” she says.

And of course, her main priority is being a present and primary parent to her two children, ages six and four, alongside her wife.

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Voice of Experience: Hannah Grove, Chief Marketing Officer, State Street

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Grove_Hannah headshot 2015“The person who will have the most direct influence on your career is you,” says State Street’s Hannah Grove. She advises women to speak up for what they want, but also to help other women along the way. “It used to be that women were so focused on how to get through the glass ceiling themselves that they were hesitant to help one another as they feared it would dilute their own efforts. But we need to pay it forward,” she says, adding it is women’s responsibility to be instrumental in eliminating the gender divide for her daughter’s generation.

With roots aligned in marketing, public relations and communications, Grove has worked across Europe and America, first for smaller entrepreneurial companies and for the past 17 years in the global marketing group of State Street. While there, she is proud that she has helped evolve the marketing organization from a service function to one that is more proactive and integral to the company’s success.

“Our service is inextricably linked to business success, so we have developed this into a strategic function that’s deeply embedded in the client experience. It’s an achievement that we’ve built over time, through an amazing team. One of my secrets to success is hiring people who are better than me.”

One of the key strategies she has helped implement is an effective social media platform, an important tool that allows a company to engage in two-way dialogue and offers the ability to listen and customize messages by audience. “Corporate speak is vanishing, as there’s a push toward personalization, relevance and context. It’s a more viral, authentic approach and has tremendous possibilities, even in a B2B setting,” she says, adding that the team’s motto is getting the right content to the right person at the right time.

At the same time, there’s no denying that transparency can be overwhelming in the complicated and complex financial services industry, and yet focusing on openness and education can go a long way toward restoring the reputation of the industry at large.

Speak Up to Move Up

Reflecting on her career, Grove says she wishes she had known earlier that it’s ok to say “no.” She believes that women fall into the trap of wanting to take on everything to prove themselves and while it can be a good instinct, you have to put yourself on a “budget” or else you will easily become overwhelmed by a “go-to” reputation.

She also urges women to ask questions. There’s no way you can understand everything in the industry – in her experience, questions are a sign of curiosity and engagement, and you should want to surround yourself with people who ask questions and aren’t afraid to disagree with you.

In addition to asking questions, women should be sure that they make their voice heard at meetings. “Don’t ever be at a meeting where you don’t have a speaking role; I’ve never seen a man sit silently at a meeting,” she says. Even if your role at a meeting is to be an observer as a learning experience, she says there is always still a way to contribute, whether you’re asking a question or making a comment.

Finally, the advice to speak up extends to speaking up about your career. “I can’t tell you how many times women have come to me because their career isn’t moving as they’d like – maybe they’ve been overlooked for a promotion or don’t feel they are receiving a salary commensurate with their contributions. But when I query whether they have asked for what they want, nine times out of 10 they haven’t, and people aren’t telepathic,” she says. “And if you don’t get what you think you deserve, often you start resenting it and you quit in your mind. The reality though is that you’ve done that to yourself; you haven’t had it done to you.”

Championing Inclusion and Diversity as Corporate Values

Grove is part of State Street’s “Leading Women,” a group of 14 executive vice presidents who act as both a support network and a business strategy network. As part of their outreach, they are focusing on sponsorship of the next cadre of senior female leaders to help them develop and establish the gravitas, networking and visibility they need to feed into the pipeline. Through those women paying it forward, they expect they will touch 2,500 women across the country.

The company also has a global Professional Women’s Network with a dozen chapters that focus on networking, personal brand, public speaking and other professional skills.
For more than five years, Grove has acted as the executive sponsor for State Street Pride and Friends, the company’s LGBT employee network, which has seven chapters globally. Grove has been named to the OUTstanding LGBT Leading Ally Executives list, by OUTstanding in collaboration with the Financial Times. The lists recognize business leaders who are outspoken and unwavering in their support for LGBT people in the workplace and professionals who go above and beyond their day jobs to improve the working environment for LGBT employees.
“State Street has a real commitment to diversity and inclusion that manifests itself from our CEO on down; it’s not just a check box acitivity,” she says, as evidenced by the fact that the company earned a perfect 100% on the 2016 Corporate Equality Index (CEI), a national benchmarking survey and report on corporate policies and practices related to LGBT workplace equality, administered by the Human Rights Campaign Foundation.

Giving Back

Grove, who has been married 23 years, has a high school senior and loves to travel with her family. She is also active in Women’s Lunch Place, a day shelter for women and children in Boston that strives to give women back their dignity, serving 200 guests a day.
As president of the board, she and her daughter volunteer every second Saturday. “It’s amazing how much poverty is in our cities which is why I am passionate about this cause. If you ever think you have a bad day, it really puts your life in perspective.”

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